Congress has a realistic chance of passing a new campaign finance law to limit corporate elections contributions, Rep. Alan Grayson (D-Fla.) said Thursday.

Grayson's words came after Senate Rules Committee chairman Charles Schumer (D-N.Y.) said that Democrats will push legislation to mitigate the impact of a Supreme Court decision Thursday that lifted restrictions on corporate political spending.

"Of course it's realistic. This is a threat to our democracy. The Supreme Court has put the law up for sale," Grayson told The Hill.

The decision 5-4 decision on the case Citizens United v. Federal Election Commission could lead to a deluge of corporate money in politics and knocked down a main tenet of campaign finance law.

The court's decision, however, upheld disclosure requirements on corporate donations.

Senate Minority Mitch McConnell (R-Ky.) praised the decision as a victory for free speech and National Republican Senatorial Committee chairman John Cornyn (Texas) said that he hopes it will allow political parties to spend more money on elections.

But Grayson -- a freshman lawmaker who was a practicing attorney before being elected -- warned that the decision could prove dangerous to opponents of unlimited corporate money in politics.

"Before long there will not be any longer the senator from Nebraska or the senator from Wyoming," he said. "There will be the senator from GE and the senator from Exxon.

"Maybe we'll have to wear corporate logos."